Plosser says he didn’t back Fed’s late 2014 rate pledge

Posted: February 01, 2012

Federal Reserve Bank of Philadelphia President Charles Plosser said he didn't support the central bank's decision last month to extend the time frame for low rates at least through late 2014.

"Economic conditions have modestly improved since our December meeting, especially on the employment front," Plosser said today in a speech to the Main Line Chamber of Commerce in Gladwyne. "I saw little justification to further ease monetary policy."

The Federal Open Market Committee on Jan. 25 extended its commitment to keep rates low by at least 18 months as moderate rates of economic growth have failed to reduce unemployment below 8.5 percent since the 18-month recession ended in June 2009.

- Bloomberg News

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